Geospace Technologies (NASDAQ: GEOS) reported Q3 EPS of ($0.66), $0.26 worse than the analyst estimate of ($0.40). Revenue for the quarter came in at $19.75 million versus the consensus estimate of $22.2 million.

Walter R. (“Rick”) Wheeler, Geospace Technologies’ President and CEO, said, “In our third fiscal quarter, we saw no relief from the continuation of depressed market conditions and declining demand for our seismic equipment products. When compared to last year, fiscal year 2015 third quarter revenues were down by $21.0 million or 52%, and in the nine months ended June 30, 2015 revenues declined by $141.8 million or 67% from the same period a year ago. These revenue declines are attributed to the pronounced decrease in demand for our seismic products seen in today’s market, coupled with having no large contracts currently underway for the manufacture of permanent reservoir monitoring (PRM) systems.”

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